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Twist-Steepening To Start The Week

US TSYS

TYM4 is trading at 110-25+, +0-00 from NY closing levels.

  • Cash tsys are dealing in the Asai-Pac session with a twist-steepening, pivoting at the 20s, with yields 2bps lower to 2bps higher after resuming trading after Friday’s holiday.
  • With newsflow light, the long end appears to have cheapened in line with longer-dated JGBs, which have weakened on the first day of the new fiscal year.
  • Later today the US calendar sees S&P Global Manufacturing PMI and ISM Manufacturing data.
  • Also, Fed Governor Lisa Cook will give acceptance remarks for a lifetime achievement award in Washington.

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